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Lelechka [254]
3 years ago
6

Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in production totaled $165,

000. The journal entry to record the material purchase on account is
a. Materials 165,000 Accounts Payable 165,000
b. Materials 190,000 Accounts Payable 190,000
c. Materials 190,000 Cash 190,000
d. Accounts Payable 190,000 Materials 190,000
Business
1 answer:
Tanzania [10]3 years ago
8 0

Answer:

b. Materials 190,000 Accounts Payable 190,000

Explanation:

Materials may either be purchased on credit or by cash, When materials are purchased on credit, such materials are said to have been purchased on accounts.

The entries for cash purchases are ;

Debit Supplies/Inventory account

Credit Cash account

However, when the purchase is done on account, the credit entry goes to the accounts payable and not cash.

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The given statements are about monopolistic competition. Indicate whether each statement is true or false. A monopolistically co
Nuetrik [128]

Answer:

1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True

2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True

3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False

4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False

5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True

6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True

7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True

Explanation:

3 0
3 years ago
1. What are chain restaurants?
Brilliant_brown [7]

1. Chain restaurants are restaurants that operate as a group. Typically, the concept, design,menu,and name of the restaurant will be the same at all of the restaurants within the group.

2. Celebrity restaurants are owned by notable public figures. Some of these  estaurants are owned by chefs such as Wolfgang Puck and Gordon Ramsay, but others are owned by celebrities from areas other than culinary arts.

3. Managed services are catering or food service providers who operate in sites other than restaurants.

4. Forecasting involves estimating the restaurant's profits and expenses for a specific period of time. First, forecasting allows the restaurant to assess their viability for that period of time. Second, forecasting allows a restaurant to estimate the amount of food and other supplies that it will need to have on hand at particular times. Finally, forecastasting lets a restaurant know the number of staff that it will need to have to serve guests and handle restaurant operations.

5. Fine dining restaurants are usually characterized as those serving cooked to order dishes that are made from scratch with fresh ingredients. We typically think of fine dining restaurants as serving elegant food prepared by chefs with a great deal of expertise and training which is the opposite of most lower class restaurants.

Critical Thinking:

1. Managed services are usually given to people to go or catered to a location whereas a restaurant has one location where people sit to eat one meal. Managed services cook their food in mass portions for large groups of people but restaurants cook meals to  order.

2. Menus are important to restaurants because they give a general appeal to the guests and also they include the base information for the products that they're selling. If a restaurant doesn't have a detailed, accurate, appealing menu then they probably wouldn't sell products as efficiently.

3. You need a clean working space,correct utensils and supplies, educated and hardworking employees,and fresh product.

4. If your kitchen design is all whack, your product will not come out in a timely sequence and everything will be backed up. The products then come out low quality and the guests are not satisfied. With a good design, everything will run smoothly and each dish will have an equal amount of time spent on them. The quality will be better therefor creating a  happy guest.

5. The back of the house doesn't communicate with guests while the front of the house is always communicating with guests on a regular basis. The back of the house puts the food together while the front of the house doesn't usually worry about the food at all.  There are also more employees in the front of the house than there is for the back of the house.

4 0
3 years ago
Following is an extract of account balances of Wilson Mowing Services as of December 31 of the first year of operation. Accounts
Nataly [62]

Answer:

$32,300

Explanation:

With regards to the above, the amount of total assets is the addition of current assets + Fixed assets.

= Accounts receivables + Cash + Truck equipment

= $7,000 + $7,300+ $8,000 + $10,000

= $32,300

Therefore ,

Total assets = $32,300

8 0
3 years ago
Jim had a beginning inventory of $5,500. During the month of April, he purchased $4,000 of food and had an ending inventory of $
Likurg_2 [28]

Answer:

1.23

Explanation:

Inventory turnover is a ratio showing how many times a company has sold and replaced inventory during a given period.

Cost of Sales=Opening Inventory+Purchases-Closing Inventory

                      =5,500+4,000-3,800= 5,700

Average Inventory= Opening + Closing/2

                              = 5,500+3,800/2= 4,650

Inventory Turnover Ratio= <u>Cost of Sales</u>

                                            Avg Inventory

                                          = 5,700/4,650=1.23

8 0
3 years ago
If your vehicle has an EFI system,
marta [7]
C: electronic fuel injection system control the fuel and air flow automatically during ignition. (In fact the most modern system probably completely ignore throttle input during ignition, at least those that are drive by wire rather than mechanical connections)
3 0
3 years ago
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